What a bank checks before subscribing

Before an investor can subscribe to a security through their bank, the bank runs an operational review of the security itself — separate from the investor's own risk analysis. That review covers several precise points.

First, the existence of a valid and active ISIN, assigned by the competent numbering agency, and the opening of the security with the central securities depositories (Euroclear, Clearstream or equivalent) that allow standard settlement.

Second, the legal documentation of the security: prospectus or final terms, the conditions of the Comparto, and the identity of the appointed parties — paying agent, calculation agent, depositary of the cell. A bank wants to know precisely who does what, and which pool of assets the security covers.

Third, the valuation and reporting mechanism: how and how often the value of the security is calculated, and what reports are sent to holders.

Finally, standard KYC/AML checks apply to the issuer — the Comparto and the platform that carries it — as they would to any other securities issuer. At Comparto, this documentation is prepared ahead of listing, precisely so that the bank's review runs without last-minute blockers.